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Regulatory Authority Securities Regulation Securities and Exchange Commission (SEC)

Venable LLP

Supreme Court Denies Certiorari to Decide FINRA Authority

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On June 2, 2025, the Supreme Court denied a petition for writ of certiorari filed by Alpine Securities Corporation challenging a D.C. Circuit ruling granting only limited, preliminary relief to Alpine. Alpine argued that...more

Carlton Fields

U.S. Supreme Court Denies Alpine’s Petition Challenging Constitutionality of FINRA Enforcement Proceedings

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On June 2, 2025, the U.S. Supreme Court denied a petition for writ of certiorari filed by Alpine Securities Corp. in Alpine Securities Corp. v. Financial Industry Regulatory Authority. In doing so, the Supreme Court declined...more

Vedder Price

SEC Revokes Enforcement Division's Formal Investigation Authority

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On March 10, 2025, the SEC voted along party lines to amend SEC regulations in order to rescind the SEC’s delegation of authority to the Director of the Division of Enforcement to issue formal orders of investigation. The SEC...more

Nelson Mullins Riley & Scarborough LLP

New Rule on SEC Delegation of Authority to Director

On March 10, 2025, the U.S. Securities and Exchange Commission (SEC) announced its final rule rescinding the delegation of authority that had allowed the SEC’s Director of the Division of Enforcement’s (“Director”) to “issue...more

Morrison & Foerster LLP

Take it to the Top: The SEC Rescinds Its Delegation to the Enforcement Division to Issue Formal Orders

To issue a subpoena for documents or testimony, Enforcement staff must first obtain a formal order. A formal order authorizes SEC staff “to administer oaths and affirmations, subpoena witnesses, compel their attendance, take...more

Ballard Spahr LLP

SEC Curtails Enforcement Leadership’s Investigation and Subpoena Power, Signals Greater Commissioner Oversight Over Enforcement

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On Monday, March 10, 2025, the SEC announced a new final rule revoking the Director of Enforcement’s previous authority to issue formal orders, which have the effect of officially initiating investigations and permitting...more

Paul Hastings LLP

SEC Reportedly Requiring Enforcement Staff to Seek Commission Approval for Formal Orders of Investigation

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On February 2, media outlets reported that the Securities and Exchange Commission (SEC or Commission) has told SEC Enforcement attorneys that they need the approval of the agency’s commissioners for all formal orders of...more

Carlton Fields

Piecing Alpine Together

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Is FINRA constitutional? According to the D.C. Circuit’s November 2024 opinion in Alpine Securities Corp. v. FINRA, FINRA proceedings may be unconstitutional in one narrow set of circumstances. ...more

Shumaker, Loop & Kendrick, LLP

Client Alert: FINRA’s Enforcement Arm Under Fire

Recent case developments in Alpine Sec. Corp. v. FINRA before the D.C. Circuit cast further uncertainty on the future of the Financial Industry Regulatory Authority (FINRA)’s enforcement arm....more

Troutman Pepper Locke

Eighteen State AGs and DeFi Education Fund Sue SEC for Approach to Digital Asset Regulation

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On November 14, a coalition of 18 states, led by Utah Attorney General (AG) Sean Reyes, the outgoing chairman of the Republican AGs Association, filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and...more

Keating Muething & Klekamp PLL

Securities Snapshot: 3rd Quarter 2024 - Status of SEC Rulemaking & Expectations after Presidential Election

As the summer heat fades and leaves begin to fall, so, too, does the Securities and Exchange Commission’s regulatory momentum—at least for now. With the presidential election on the horizon, the fate of several key rulemaking...more

Jones Day

SEC Settles Charges with Keurig Over ESG Disclosures

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On September 10, 2024, the SEC settled charges against Keurig for "incomplete and inaccurate" ESG disclosures about the recyclability of Keurig's K-Cup pods, signaling a continued focus on environmental-related disclosures...more

Saul Ewing LLP

Public Companies Quarterly Update (Q2 2024)

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Welcome to Saul Ewing’s Public Companies Quarterly Update series. Our intent is to, on a quarterly basis, highlight important legal developments of which we think public companies should be aware. This edition is related to...more

Foley & Lardner LLP

The End of Chevron Deference and the Implications for the SEC

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On June 28, 2024, the U.S. Supreme Court issued its decision in Loper Bright Enterprises v. Raimondo and Relentless Inc. v. Department of Commerce[1], overruling the Chevron doctrine. This holding overturns the decades-long...more

King & Spalding

Financial Services Regulation in the Post-Jarkesy World

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On June 27, 2024, the U.S. Supreme Court issued its opinion in Securities and Exchange Commission v. Jarkesy. By a 6-3 vote, the Supreme Court affirmed the Fifth Circuit’s ruling, holding that the Seventh Amendment prohibits...more

Mayer Brown Free Writings + Perspectives

House Passes Digital Asset Market Structure Legislation: Financial Innovation and Technology for the 21st Century Act (FIT21)

On May 22, 2024, the US House of Representatives passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), which would amend existing securities and commodity regulatory statutes to...more

Jones Day

CFTC Lacks Jurisdiction Over TRS on ETFs and Custom Baskets

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In Short - The Situation: The civil action of the Commodity Futures Trading Commission ("CFTC") against Archegos Capital Management LP and its CFO is but one of many civil and criminal matters arising out of Archegos's...more

Burr & Forman

The Assault on the SEC’s Administrative Citadel Continues

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A panel of the D.C. Circuit recently relied on Lucia and Cochran to enjoin a FINRA regulatory enforcement action pending appeal of an Appointments Clause challenge....more

Pillsbury Winthrop Shaw Pittman LLP

Coinbase Contests the SEC’s Regulatory Authority over Crypto Exchanges, Staking

Arguments presented by Coinbase in its answer to SEC charges would, if accepted, potentially deprive the SEC of its most effective tool in regulating digital assets. The SEC alleges in a Complaint in SDNY that Coinbase...more

Polsinelli

Senate Hearing Advocates Limited Digital Asset Regulation Reform Including CFTC Regulation of Bitcoin and ETH

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On September 15, 2022, the Senate Committee on Agriculture, Nutrition, and Forestry (the “Ag. Committee”) held a hearing to discuss Senate Bill 4760, titled the Digital Commodities Consumer Protection Act of 2022 (the “Bill”)...more

Herbert Smith Freehills Kramer

Supreme Court Rejects EPA’s ‘Clean Power Plan’ in Decision Raising Questions About the SEC’s Climate-Related Disclosure Rules

On June 30, 2022, the U.S. Supreme Court held in West Virginia v. Environmental Protection Agency, 597 U.S. ___ (2022), that the Clean Air Act did not clearly authorize the Environmental Protection Agency (EPA) to create the...more

Mayer Brown Free Writings + Perspectives

Supreme Court Decision in West Virginia v. EPA Casts Doubt on SEC’s Climate Proposal and Other Regulatory Initiatives

On June 30, 2022, the U.S. Supreme Court decided West Virginia et al. v. Environmental Protection Agency, holding that the EPA lacks authority under Section 7411(d) of the Clean Air Act to limit greenhouse gas emissions from...more

Goodwin

SEC to Wyoming (Division of Banking): Interpreting Federal Securities Laws and Rules is our Domain

Goodwin on

In early November 2020, the staff of the U.S. Securities and Exchange Commission (“SEC”) Division of Investment Management (“IM Division”), in consultation with the SEC’s “FinHub” staff, issued a statement in response to a...more

Proskauer Rose LLP

Changes to FINRA Rules 5130 and 5131 Go Effective – Considerations for Private Fund Managers

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On November 5, 2019, the SEC approved changes to FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and Rule 5131 (New Issue Allocations and Distributions). FINRA announced that the...more

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